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to think you shouldn't get a PPI refund

(17 Posts)
Justforlaughs Wed 07-Nov-12 10:02:58

if you've actually made a claim against it? Just that really, I know that people are doing this, surely if you've actually used the insurance then you "Needed" it. (I have to say that I hate threads about thrads, and threads sparked off my other threads, but everyone else does it, so it's my turn grin)

MammaTJ Wed 07-Nov-12 10:04:48

That makes sense.

Personally I cannot claim as I never 'unknowingly' signed up for it!! I always read the small print.

Justforlaughs Wed 07-Nov-12 10:12:33

MammaTJ me too! Almost a shame isn't it that we had more sense! I could really do with a couple of grand right now, grin!

hermioneweasley Wed 07-Nov-12 10:15:18

I think the value of any claim is deducted from the compensation, but I agree it seems a bit contradictory.

fruitysummer Wed 07-Nov-12 10:24:21

You can still claim it back even if you knew you were getting it. All depends on how it was sold to you.

I took out a loan and was told in a round about way that if I didn't take the ppi I wouldn't get the loan.

I got my £3k plus back and this was before the court ruling.

NK493efc93X1277dd3d6d4 Wed 07-Nov-12 12:47:40

I find this supposedly mass ignorance really scary, how on earth so many people claim to have not known they were paying for PPI when it is itemised on every single statement!.

ReindeerBollocks Wed 07-Nov-12 12:53:09

It's not for the mass ignorant though really, plenty of banks just added it in with loans or had policies which they willingly sold people even though they knew that the person wouldn't be able to claim it back.

Howevere I'm sure that banks will refute any claims where the person has used the insurance - as surely that is the point. Banks are finding loop holes in the last judgment so that they don't have to pay out as much - that would probably include missed payments and those who have claimed on the insurance. So YANBU

CogitoErgoSometimes Wed 07-Nov-12 13:07:03

YABU... but I understand the confusion. A lot of PPI was missold because the policy holder wouldn't have been able to claim. But some was missold - like to fruitsummer - because the loan applicant was told it was compulsory. So, even if they made a successful claim, it was still missold.

fruitysummer Wed 07-Nov-12 13:11:25

I might also point out, that my lender didn't bother with statements. And when they did start sending them, I found out they were charging interest on the PPI - another big fat no no that they wern't allowed to do.

I was also told that if I did lose my job ALL the loan would be repaid, that turned out to be bollocks also so mine was mis sold on a lot of levels. Hence why they didn't even attempt to argue when I asked for it back!

WilsonFrickett Wed 07-Nov-12 13:11:25

I was told it was compulsory, which was very common - as in, we want to make sure you get this loan, so let's just tick the wee insurance box. Was young and daft so went along with it. Of course I knew I was paying for it - I just didn't know I couldn't have it.

PIL got theirs back (before latest ruling) because they specifically checked about an existing condition, were told it would be fine and the PPI would pay out, FIL then had an op to sort out the condition which went wrong and then made the pre-existing condition worse so he needed the PPI - which of course wouldn't then pay. He's not the most savvy person, but he had been smart enough to ask the right questions. They got PPI back and loan cleared iirc.

maddening Wed 07-Nov-12 13:28:48

I think more people claim (and get it back) than actually were missold it. But they get it back as the banks have so much to go through within certain timeframes.

I'm just waiting for people to start claiming the fees they were charged out of the refund back from the claims management companies

YouOldSlag Wed 07-Nov-12 14:38:30

Even if you had it and knowlingly took it out, it has been proven to be a product that was erroneous. So many people were covered for sickness and redundancy anyway that it was a useless product.

You also have grounds if you thought it helped your chance of acceptance on loans etc. many people took it out thinking they HAD to have it, or it was something like an account fee or some such.

So YABU OP. The amount of people who claimed on it whilst in use was tiny compared to the premiums received by the bank and this was partly the reason it was kyboshed by the courts.

HipHopOpotomus Wed 07-Nov-12 14:50:46

I got PPI back - the quote for the loan I took out was given with PPI included and it was implied the loan was approved WITH PPI.

I wrote one letter (thank you Mr MSE) and got the lot back, plus interest, no quibbles.

But I do think it's weird you can get it back if you claimed on it (not seen other thread). Then again it was SO VERY VERY EXTENSIVELY MISSOLD by the finance industry, that the govt has extended who can claim it back, including presumably those who even used it.

It's really a testimony as to how dastardly the PPI sale processes were and how lucrative it was.

HipHopOpotomus Wed 07-Nov-12 14:51:30

sorry - courts not govt (above)

McChristmasPants2012 Wed 07-Nov-12 16:56:17

I was told I needed it, claimed back PPI and every penny went on debts.

I am determined to be out of debt by the time I am 30 and I will never ever gets myself into debt again. 15k of debt before 25 was a bad bad idea. I had a 6k back plus paid back over 1.5k over a year so I have 4 years to pay 8k back.

PPI for me was a huge relief that was very much needed.

RedHelenB Wed 07-Nov-12 17:02:33

We just asked did we have to have it when we got our loan out & the answer was no so we said we wouldn't take it.

ChickenFillet Wed 07-Nov-12 17:35:13

Message withdrawn at poster's request.

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